The Opec+ ‘Group of Eight’ is scheduled to hold its monthly meeting on 7 September, and MEES understands it could discuss further relaxing the remaining production cuts from October. The group completed the unwinding of 2.2mn b/d of voluntary cuts on 1 September, and delegates say the early unwinding of the final layer of 1.66mn b/d could be on the agenda this weekend.
Markets absorbed the accelerated unwinding of the 2.2mn b/d layer with relative ease this summer; largely because the actual production increases were significantly less than the headline figure. Likewise actual volumes returned through the tapering of the next layer would be significantly less than 1.66mn b/d. (CONTINUED - 828 WORDS)
